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Oct 1, 2012
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i talked to charlie evans this morning. he was one of the advocates of what we're calling the q.e. infinity program, the idea of keeping your foot on the accelerator, the central bank keeping its foot on the accelerator as long as employment remained above 7%. just a little background, the fed did not go with evans' specific proposal but did create an open-ended quantitative easing. so i asked him, how open-ended is it? what happens at the end of this year when operation twist ends? what happens to additions to the balance sheet? here's what he said. >> i frankly think it's going to take almost a year in order to see the type of improvement in labor markets that i'm expecting, just getting through the first half of next year with the headwinds that we're facing. i think that it's probably later in 2013 that we would get there. so in my opinion, we'd continue with those asset purchases until we see payroll employment more like 200,000, 250,000. >> continue at $85 billion into all of 2013? >> this is my recommendation. >> it's important to parse it just a little bit. remember that pa
i talked to charlie evans this morning. he was one of the advocates of what we're calling the q.e. infinity program, the idea of keeping your foot on the accelerator, the central bank keeping its foot on the accelerator as long as employment remained above 7%. just a little background, the fed did not go with evans' specific proposal but did create an open-ended quantitative easing. so i asked him, how open-ended is it? what happens at the end of this year when operation twist ends? what...
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Oct 1, 2012
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there is he. >> well, get me off, get charlie on. there we go. >> i ask a couple of people this already i think, president owe vans, that was when we saw the size and the magnitude of the latest moves, qe moves, a lot of people thought that things must be a lot worse than what we were led to believe and we thought we'd see some numbers that would make that apparent. we haven't seen numbers that are making that apparent, and i guess if you consider that it's a dual mandate, as long as we're above 8%, anything is justified. is that the thinking of the fed at this point, and i guess if inflation's low you can satisfy that mandate as well. you could even say that inflation's below our target so you're satisfying both mandates, but was that the thinking, there was really nothing worse than the rest of us thought in the economy when you decided to do this? >> well, that's a good question. i think that it's evident the data softened during the summer and this ends up being the third summer that we've seen the data soften from a first year,
there is he. >> well, get me off, get charlie on. there we go. >> i ask a couple of people this already i think, president owe vans, that was when we saw the size and the magnitude of the latest moves, qe moves, a lot of people thought that things must be a lot worse than what we were led to believe and we thought we'd see some numbers that would make that apparent. we haven't seen numbers that are making that apparent, and i guess if you consider that it's a dual mandate, as long...
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Oct 1, 2012
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super poligrip free made the kiwi an enjoyable experience. [ charlie ] try zinc free super poligrip. ♪ ♪ ♪ >> andrea: welcome back. former california governor arnold schwarzenegger's new memoir reveals the story behind the secret affair and the child that kept him from his family and his wife. sean hannity talked with him about it today. >> from your perspective, why? i mean, you have a beautiful wife, beautiful family. everything going for you. where is the disconnect? >> the thing that i cherish the most, i destroyed because stupid things. i just created a huge screwup. i, you know, had this child. and destroyed my family. hurt a lot of people. hurt my wife tremendously who doesn't deserve that. my kids, you know, relatives and all this. i'm embarrassed and ashamed about it. but you can't go back. >> andrea: yeah, you seem it. all right, catch the entire interview tonight on "hannity" at 9:00 p.m. so the kindergarten cop has a new autobiography out today. "total recall: my unbelievably true life story." coincidence the public mea culpa now? >> greg: you are too cynical. there
super poligrip free made the kiwi an enjoyable experience. [ charlie ] try zinc free super poligrip. ♪ ♪ ♪ >> andrea: welcome back. former california governor arnold schwarzenegger's new memoir reveals the story behind the secret affair and the child that kept him from his family and his wife. sean hannity talked with him about it today. >> from your perspective, why? i mean, you have a beautiful wife, beautiful family. everything going for you. where is the disconnect?...
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Oct 1, 2012
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we had an answer from charlie evans this morning. he thinks the fed should keep adding to its balance sheet. right now what it's doing with operation twist is selling short-term securities and buying long-term ones. the effect of that is neutral as to the size of the balance sheet. charlie evans says he wants to take the $40 billion they're spending on mortgages, continue that but do a total $85 billion net addition to the balance sheet. i'd like to ask fed chairman ben bernanke if that's what he expects. >> let's listen in here. obviously i was struck, steve, by how sort of full-throated -- i've used that phrase several times and i apologize for that -- but his defense was of fed policy. will that quell any of his critics? >> i don't think so. i think really people have dug in their heels on this. i think the one question and one criticism has been about inflation. to the critics, where is the inflation. >> sorry to interrupt. let's listen to some questions. >> -- the staff will be through to pick them up or you can just bring them
we had an answer from charlie evans this morning. he thinks the fed should keep adding to its balance sheet. right now what it's doing with operation twist is selling short-term securities and buying long-term ones. the effect of that is neutral as to the size of the balance sheet. charlie evans says he wants to take the $40 billion they're spending on mortgages, continue that but do a total $85 billion net addition to the balance sheet. i'd like to ask fed chairman ben bernanke if that's what...
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Oct 1, 2012
10/12
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now, you know the power of silence was just overwhelming, and so finally, the moderator, charlie rose asked him, doctor watson, you have done so much work, how do you deal with aging. and so he leaned into the microphone and he said there is only one way to deal with aging. and that is to stay away from old people. [laughter] he nailed it. my wife and i were sitting behind doctor henry kissinger, who was in the audience. they handed out his little sheets where you did self scoring. self scoring on your lifestyle. how often do you eat red meat, how many bowel movements you have a weak. [laughter] general health questions. then you have points or you lost points and you added it up, and it told you how many years you had to live. now, how many people here want to know how many years you have to live? the skeptical as him as that might rightly be about the scoring sheet, it's very interesting. kissinger was filling this out with all the intensity hunched over and so elsa and i availed ourselves of the reporter's freedom of information act. [laughter] and we looked over his shoulder. we w
now, you know the power of silence was just overwhelming, and so finally, the moderator, charlie rose asked him, doctor watson, you have done so much work, how do you deal with aging. and so he leaned into the microphone and he said there is only one way to deal with aging. and that is to stay away from old people. [laughter] he nailed it. my wife and i were sitting behind doctor henry kissinger, who was in the audience. they handed out his little sheets where you did self scoring. self scoring...
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Oct 1, 2012
10/12
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earlier some attributed part of the rally to what chicago fed bank president charlie evans told our steve liesman this morning on cnbc. listen. >> in my opinion, we'd continue with the asset purchases until we see payroll employment more like 200,000, 250,000. >> you're saying continue at 85 billion into all of 2013? that would be your recommendation? >> this is my recommendation. >> so is the fed's bond buying spree fueling the markets and should we be worried it won't last? that's what we're talking about right now. eric is with us of gerring wealth management. he says yes. gary clark says be defensive knew, expect a rally after the election. thanks for joining us. harry, why do you expect a rally after the election? we'll get nr clarity then? >> that's one thing. the uncertainty is the death of the market. i think we're going to get a correction first. the market is tired. the tired gain of last month was two days. ecb day and qe forever day. that's not good for the markets. the market needs a correction. think now anywhere from 5% to 8% will do it. a lot of money out there waiting to
earlier some attributed part of the rally to what chicago fed bank president charlie evans told our steve liesman this morning on cnbc. listen. >> in my opinion, we'd continue with the asset purchases until we see payroll employment more like 200,000, 250,000. >> you're saying continue at 85 billion into all of 2013? that would be your recommendation? >> this is my recommendation. >> so is the fed's bond buying spree fueling the markets and should we be worried it won't...
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Oct 1, 2012
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[laughter] >> charlie is always asking me for money and i never give it to him. [laughter] >> welcome the wanted me to start first because i am going to talk about the law and i am going to bore you for five minutes. but they only gave me five minutes because of that. but there are two ideas i really want to put forward here. in some ways i think i am going to go to a point further than sandra did. i want to talk about with the constitutional issue of privacy, and then i met to talk about how the constitution results to a struggle between freedom of religion and the right of government to regulate society even when such regulations may interfere with religious doctrines because those are two points that are important here. there was a time in this country before 1965 when it was okay for a state to outlaw the use of contraceptions by married couples. several states had been for years. they were lingering on the books for years and finally the supreme court in a case called griswold versus connecticut said it was unconstitutional to prohibit married people from us
[laughter] >> charlie is always asking me for money and i never give it to him. [laughter] >> welcome the wanted me to start first because i am going to talk about the law and i am going to bore you for five minutes. but they only gave me five minutes because of that. but there are two ideas i really want to put forward here. in some ways i think i am going to go to a point further than sandra did. i want to talk about with the constitutional issue of privacy, and then i met to talk...